S&P reinstates rating on AXA North product
Standard and Poor’s (S&P) has reinstated its “very strong” rating on AXA’s North Personal Superannuation, Pension and Investments Plans product.
S&P placed the product on hold in February after AXA Asia Pacific announced an increase in annual fees for the product’s protected growth guarantee.
S&P found that the increases would have little effect on the product’s performance, according to Rodney Lay, an S&P fund services analyst.
However, Lay warned that more significant increases may affect the value of the selected term and investment strategy in the eyes of investors.
AXA increased its fees on the protected growth guarantee after the fall in interest rates led to increased costs in providing the guarantee.
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